US President-Elect Biden to Nominate MIT Blockchain Professor Gary Gensler as SEC Chairman | Regulation Bitcoin News

Bitcoin.com

The U.S. President-elect Joe Biden is set to name Gary Gensler as the new chairman of the U.S. Securities and Exchange Commission (SEC) to replace Elad Roisman. During Obama’s administration, Gensler led the U.S. Commodity Futures Trading Commission (CFTC) from 2009 to 2014.

The Former Banker Became Part of Biden’s Transition Team in November

According to Reuters’ two unnamed sources, Biden has finally decided on his final pick to lead the SEC, following the stepping down of Jay Clayton as chairman in December. Gensler is a well-known figure in the crypto industry, specifically in the academic sphere.

How To Get Free Crypto  

During Trump’s administration, the former Goldman Sachs banker taught courses on crypto assets and blockchain at MIT Sloan School of Management. Sources familiar with the matter told Reuters that Gensler could aim for “tougher regulations,” raising concerns among Wall Street firms.

If confirmed by the Senate mostly controlled by Democrats, Gensler would also be leading the regulator’s fight against Ripple Inc.

The former banker also headed Biden’s financial policy transition team in November. Such fact increased the odds that the Wall Street veteran would be likely appointed to take an SEC role.

Former SEC Chairman Jay Clayton, replaced by Elad Roisman, was known for his initial coin offerings’ pursuing agenda. During his tenure, the regulator also released a report declaring digital assets could be treated as securities.

Coinbase Banner  

How Will the Legal Fight With Ripple Be Resolved With Gensler as Chairman?

Under the leadership of Gensler, the SEC vs. Ripple saga could have a negative impact for the blockchain firm due to the previous statements made by the former banker.

During a speech at an MIT conference in 2018, Gensler said there is a “strong case” for XRP being classified as a security. In fact, the Wall Street veteran claimed that Ripple “is doing a lot to advance the value of XRP.”

On Jan. 7, Ripple CEO Brad Garlinghouse addressed some of the allegations made by the SEC. At the time, he said that the firm would be filing its initial legal response “within weeks.”

Do you agree with the nomination of Gensler as SEC chairman? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Go to Source
Author: Felipe Erazo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.